April 5, 2018 / 1:20 PM / 2 years ago

Russia's Rosneft says swing oil output as part of OPEC cooperation "not senseless"

MOSCOW, April 5 (Reuters) - Kremlin-controlled energy producer Rosneft said a proposal by Russia’s second-largest oil producer and competitor, Lukoil, to regulate oil output in line with the price swings “was not quite senseless”.

Vagit Alekperov, the head of Lukoil, in an interview with RIA news agency last week proposed that the participants of the global deal aimed at reducing oil output think about the possibility of raising production if oil prices were on the up and cutting it when prices were falling.

“I would say that the opinion of Vagit Yusufovich Alekperov ... is not quite senseless,” Rosneft’s spokesman Mikhail Leontyev told Reuters.

He added Rosneft would not make any of its proposals public as it was for the Russian energy ministry to express the country’s overall stance towards the global deal which expires at the end of this year.

Saudi Crown Prince Mohammed bin Salman told Reuters last month that Saudi Arabia and Russia are working on a historic long-term pact, possibly 10 to 20 years long, that could extend controls over world crude supplies by major exporters.

This week, Russian Energy Minister Alexander Novak said Russia and Saudi Arabia were thinking about a format for cooperation which could be for the longer-term and which may include “implementation of some joint actions” if needed.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin Editing by Katya Golubkova and David Evans

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